It’s no secret that Texas is one of the most business-friendly states in the US, and businesses are flocking to the Lone Star State in record numbers. Because those new businesses need workers, the population of Texas is growing rapidly – approximately 1,000 people per day. According to U.S. Census data, Texas has five of the country’s 10 fastest growing cities with residents of 50,000 or more.
In addition to the long-standing petroleum drilling and refining industry, Texas has become a leader in advanced manufacturing, aerospace and defense, life sciences information technology, and many other fields. The state boasts that it is the home of a number of Fortune 500 companies such as AT&T, American Airlines, Sysco, NEC, Texas Instruments and the list is growing rapidly. If Texas were a country, its GDP of $1.8 Trillion would rank 10thin the world and Texas has led the nation in exports for 15 years and technology exports for 7 years.
In a recent interview governor Greg Abbot explained his strategy for growth: keep taxes low, streamline regulations and keep them simple and predictable, and constantly work on advancing your workforce to meet the needs of employers.
The Texas government is always working to make its business climate better, while taking steps to manage its robust growth. Because there are no personal or business income taxes and for many other reasons, the cost of doing business in Texas is one of the lowest in the nation. For that reason, Texas will continue to be a magnet for corporations in other states looking to flee the high taxation and massive regulations imposed by other states.